Paying a Unicorn

As a manager you need to make an effort to keep the unicorn engaged and appreciated. Sometimes this corresponds to cash, cold hard cash.

Transcript

Welcome back to my podcast Scaling Out!

As I mentioned last time, in the professional world a Unicorn is the rarest of employees, the one the embodies all the traits required to excel at their position. This employee is integral in the ongoing success of the company and losing the unicorn could be the end of life as you know it for your firm. Maybe in a group of 100, 1 might be a Unicorn.

As a manager you need to make an effort to keep the unicorn engaged and appreciated. Sometimes this corresponds to cash, cold hard cash. And yeah, sometimes that means that you could make less than your employee. You know what? That’s ok. Let’s talk it out.

This unicorn by definition is INTEGRAL to the business. If they left, how many people would you need to hire to fill their shoes?

Say it’s 5 (this is not an exaggeration, I have heard of this happening). I’m not suggesting that we do the math and pay the unicorn the sum of 5 different salaries. But if we paid them 50% more than their current salary, that would still be a win for the company (not having to hire 4 more people) but that might make their salary jump above your very own.

Would that offend you? For me, I see management differently. I’m not the overlord that overseas the serfs, ensuring their ongoing oppression. (I just want to insert one of my favorite Monty Python & the Holy Grail scenes here.) They deserve more pay than me because they have the subject matter experience, the capabilities, and skills that I do not have. I actually work for my team I am there to enable them & ensure they are successful. If that means they get more pay then me, then so be it.

Well, after all that unicorn talk why don’t we talk about hiring! How to get the next unicorn!

Until then stay safe everyone!